The GBPJPY pair has previously formed an Inverse Head and Shoulders pattern (IH&S) that hasn't yet fulfilled its levels. The reason is the Lower Highs trend-line that has been formed since the June 09 High. Only a break above that level, which caused a rejection yesterday, can initiate a new bullish wave, in which case our targets will be 168.535 and if the Channel Up breaks, then pursue the 1.5 Fibonacci extension of the IH&S.
Until that happens, we are on a short-term sell, targeting the Higher Lows trend-line. After that, only a break below the 1D MA200 (orange trend-line) can justify further selling.
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Until that happens, we are on a short-term sell, targeting the Higher Lows trend-line. After that, only a break below the 1D MA200 (orange trend-line) can justify further selling.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.